Need help. Gotta act fast - Posted by Ken_Ar
Posted by Ken_Ar on April 25, 1999 at 14:36:49:
I found a preforclosure and need some feedback. This is a SFR that is worth about 50k. The balance on the mortgage is 22,587. No payments have been made since November of '97.
This house will sell at auction on May 4, so I gotta act fast. The owner is willing to take $1000 for her trouble and then I will need to satisfy the mortage company.
She says this is a simple assumption mortgage that I can take without even a credit check, which is very good for me if it proves to be true.
Structurally the house is in good shape, roof about 3 years old. has siding on it. Inside it is a wreck. every square inch of the floors needs to be recovered with carpet or vinyl. About 1600sf.
It needs to be painted on the inside and a small hole repaired in the ceiling in the den. It has 3 bedrooms and a bath and a half plus the eat in kitchen and a big den that used to be a garage…
All in all I think I am getting a pretty good deal. Money is really not the problem with this one as we have financing in place as either a second plus the assumption or a new loan.
Here is the problem. I have no idea what I have to do tomorrow. Never owned a home and don’t understand the process of closing. I plan to call a RE attorney in the morning and tell him we have to close in a week or lose the deal. What should I look for as far as things that have to take place? How can we rush everything to get this done in a week. I know alot has to be done and don’t want to miss anything.
Any help or advice would be appreciated greatly.